The nation of more than 220 million people was in talks with the international lender to seek another bailout by enacting the strict reforms mandated by its mission while it is dealing with the greatest economic crisis in recent memory.
IMF representatives were in the South Asian country for more than a week to resolve the fiscal policy disagreements as the administration frantically tried to raise the urgently required funds as foreign exchange reserves fell to catastrophic levels.
Ishaq Dar, the head of Pakistan’s finance department, headed the delegation earlier, and Nathan Porter represented the IMF team. Both parties were considering reforms, strategies to halt circular debt, and potential tax measures.
Experts predicted that the draught of the shared economic and financial policy would likely be finalised on the final day of negotiations.
As the Sharif-led administration prepares to present a new “mini-budget” to levy extra taxes of over Rs200 billion to assure the continuation of the IMF programme, it has been stated that the existing talks will come to a conclusion within the next 48 hours.
Aisha Ghaus Pasha, the state minister for finance and revenue, recently stated that Pakistan and the IMF would soon come to an agreement to get the next tranche.